Every year, eCommerce marketers are flooded with strategies and trends to win shoppers over.
In 2024… it might all look a liiiiiitle different. Things are moving fast.
Customers want better delivery options, more personalized experiences, and the option to buy products straight from social media. On the flip side, it’s an exciting time for retailers. Generative AI, dynamic pricing and more opportunities around sustainability are driving a better shopping experience for customers.
To win shoppers over in 2024, retailers need to think outside the box, embrace new trends and meet customers where they are.
Here are 7 trends to watch out for this year
1. AI Will Become The Ultimate Assistant
If there was one trend from 2023 we can all agree on—it was AI.
ChatGPT was everywhere. Augmented reality empowered customers to view a product without stepping foot in a store. And AI-powered chatbots held the customer service fort for brands 24/7.
AI isn’t going anywhere in 2024, especially for the eCommerce industry.
Just look at how shoppers are using generative AI. When Salesforce surveyed 2,400 consumers and 1,125 retail leaders for its latest Connected Shoppers Report, it found the tool was changing the way people shopped.
Shoppers using AI chart
Retailers are also leaning on AI for everything from product recommendations to virtual customer experience and behavior tracking. For example, Walmart recently acquired Zeekit to give shoppers a virtual dressing room to see how clothes fit before they buy. Meanwhile, Instacart launched a ChatGPT-powered AI search tool where users can “Ask Instacart” to help with food recommendations.
The writing is on the wall. AI will continue to grow and help retailers improve customer experience.
Environment and Sustainability Will Win More Customers
The carbon footprint from eCommerce purchases is growing—and customers are becoming more aware of negative impacts.
Carbon emissions due to eCommerce logistics are predicted to hit 25 million CO2 metric tons by 2030. So it’s no surprise more millennial and Gen Z customers want to prioritize ethical company practices like sustainability in their purchasing decisions. More customers are now turning to stores practicing “sustainable commerce” to minimize the impact of their purchases on the environment.
In fact, over half of consumers expect their online delivery to be carbon neutral, and six in ten are worried about overpackaging and want brands to be more responsible about their footprint.
To meet these changing expectations, eCommerce stores switch things up and
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Use packaging materials made from recycled content
Think recycled, compostable, or biodegradable materials.
Ask customers if they want to offset any carbon emissions associated with their purchase, like packaging or shipping
Talk about sustainability efforts and share what moves are being made to cut your carbon footprint and packaging
With more than a third of US customers willing to pay a surcharge for eco-friendly delivery, some brands may even find a path to offset these costs to meet customer expectations.
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Social Will Drive (Even More) Traffic
Social commerce will continue to grow as a channel for consumers to buy products.
According to Shopify, 49% of brands plan to boost their social commerce investment. And it’s a wise move when you look at the potential rewards.
Social commerce was responsible for over $900B in special database meterials spending last year, but by 2030, shoppers are expected to spend a whopping $6.2 trillion. According to Salesforce, this spending will happen because:
50% of shoppers say they discover new products on social media,7 eCommerce Trends to Watch Out For in 2024.
36% of shoppers said they have purchased something on social media, up from just 11% in 2021—an increase of 227%.
Social is turning into a one-stop shop (excuse the pun). Shoppers now use social and chat channels to discover products, get help and complete a purchase.
Shopping channels chart
Source
Salesforce’s report found that Facebook will be the top platform for social commerce this year with an expected 64.6 million buyers, and nearly 47 million expected to shop on Instagram.
Then, there’s the younger shoppers. The millennials and Gen Z spenders who hang out on TikTok.
Insider Intelligence data estimates the platform will gain nearly 10 million social buyers this year—more than the net increase of Facebook. 7 eCommerce Trends to Watch Out For in 2024 Pinterest and Instagram combined. The platform has also copy + pasted Amazon’s selling flywheel:
Amazon and TikTok flywheel
Business Insider says this strategy puts creators and user-generated cm lists content in charge of selling products—a human element that platforms like Amazon can’t compete with.
2024 will be the year social commerce explodes, and retailers must prepare for how their store will adapt and handle the changing way people shop. The challenge is to understand what channels and strategies work (and what doesn’t) in this emerging social commerce space.
Dynamic Pricing Will Be Widely Adopted
7 eCommerce Trends to Watch Out For in 2024 More eCommerce retailers will start to look at dynamic pricing to change product prices depending on factors like demand, supply chain, and competition.
A decade ago, major companies called dynamic pricing the future of retail. According to the Investors Chronicle, 25-30% of retailers in the UK and Europe are already using it, mainly those selling consumer goods, groceries, electronics, and sporting goods.
Now, eCommerce companies like Amazon and Best Buy are seeing amazing revenue results. A Business Insider report found Amazon changes prices every 10 minutes or over 2.5 million times every single day. It uses a mix of algorithms and ML technology to track customer data, product availability and third-party competition to automatically update prices to maximize profits.
